Deere renames credit unit

October 24, 2010

Moline, Ill.-based Deere & Co. renamed its credit and financial services division to John Deere Financial, in a move to represent the full breath of services the business unit offers, the company said.

"John Deere Financial remains committed to providing products and services that help customers, dealers and others succeed around the world," said Jim Israel, president of Deere & Co.'s Worldwide Financial Services Division.

"When we made the decision to expand our presence in the crop insurance industry, we realized that our name needed to change to encompass our expanding range of financial products and services," Israel said. "The new name more accurately reflects our strong commitment to meet the diverse business needs of our customers, dealers and other distributors around the world."

The company said John Deere Financial would continue to serve its equipment customers worldwide by offering retail, wholesale and lease financing on John Deere equipment. The company also will continue to provide revolving credit and crop insurance for customers, while assessing other products that could help customers whose work is linked to the land, the company said.

The name change will take place over the next few months at the company’s various locations. The division’s headquarters in Johnston, Iowa, will be the first to change.